Finally got a new car

[NOMOREBADCREDIT]

And lets not forget, given the short term of most car loans (relatively speaking), refinancing a car usually costs you more money than simply finishing out the term of the bad loan (there are some old posts on this subject where I do the math). The only time refinancing works is if they do not extend the "term" of the new note beyond the end date of the note being refinanced (which almost never happens), otherwise, you are practically buying the car twice and spending more money.

I applaud your choice on make and model for a "new" car, although generally I recommend against buying new cars (because as has already been pointed out, unless you buy down the depreciation with a down payment, you will be upside down as soon as you drive off the lot), the 08 Hyundai Elantra is a very economical, efficient car.

But I too, question the judgment on making a lousy deal now in the "hope" of making a better one later. Never pin your financial future on something that is out of your control...after all, it is that kind of thinking that has led to record foreclosures.

thanks for the good words.

[NOMOREBADCREDIT]

Thanks everyone for youre input. i dont know if i will ever Finance a car . my credit score went up 2pts this whole ordeal is weird. when i had 560 credit score i had no problems getting a car finance if i wanted one. thanks again

[pkmj]

That is Spot Delivery. You should never sign anything and take the car off the lot with out confirming it has been financed. Don't "go home for the weekend".

http://www.lemonlaw.com/spotdelivery.html

[jason0618]

I had a similar situation happen to me, where I went to Performance Honda in Fairfield, with this same type thing. I'd had several loans with Honda in the past, and the sales guy assured me it wouldn't be a problem, once the bk was discharged. So after discharge, I went back and made a deal on an '08 Honda Civic. $500 down and 14.75% for 60 months. Figured I'd keep it for 2 years, pay extra and be in a decent position... They too, gave me the "we don't have a definite, but it won't be a problem", so I took their word. (I'd also bought 2 of my previous 3 Honda's from this dealership).
5 days later, they called me and told me I needed to bring it back because it wasn't approved, and they didn't want to shotgun me to other lenders. I asked the reason, and they said they couldn't get verification of my employment.... I offered paystubs, letter on company letterhead, contact info, etc. they said they couldn't do anything, and that I needed to return the car, and pay the associated "fees", which coincidentally equalled the $500 down payment, I'd made plus mileage. I told them I'd return the car but that if they ever wanted my business again, they'd have my original check waiting to hand to me when I returned the car. The finance manager got kinda snippy at that point, acting like I'm BK, they wouldn't want my business... I let him know I'd been there several times, and that he may want to check those records. Anyway, even with a bankruptcy, by resisting their stupid rules, and using whatever leverage you have, I was able to return the car and get my check back, as well as getting my old car returned to me with a full tank of gas.